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Spinning Wheels: A Review Article

Abstract:
In March 1987, the U.S. Department of Energy published a report entitled Energy Security. This was a comprehensive presentation of the American government's view of both the world energy situation and the policies it advocates. Because of the importance of this report, The Energy Journal commissioned a series of studies to critically analyze key aspects of the report and extend the discussion. In this issue, we offer the first set of these studies. Our July issue will present three papers on the value of an oil import fee (or tariff). Notes, comments, and letters to the editor on this topic are strongly encouraged.Special FeatureSpinning Wheels: A Review ArticleT. Randall Curlee and Arthur W. WrightEnergy Security Revisited: A Report to the President of the United States (U.S. Department of Energy, March 1987) is a hefty book-240 pages of text, five appendices (several based on macroeconometric simulations), and fourteen pages of references (but no index). Parts of the book are quite good and constitute a major improvement over what passed for studies of energy security in the 1960s and 1970s. Unfortunately, most of the book's heft is wheel spinning: a lot of energy is expended, but we do not get very far. Greater understanding of energy security could have been accomplished in far fewer pages.

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Energy Specializations: Energy Security and Geopolitics – Geopolitics of Energy

JEL Codes:
Q48 - Energy: Government Policy

Keywords: Energy security, US, Energy policy, Oil supply

DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No2-1


Published in Volume 9, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.